Schedule of Key Asset Management Provisions (for PHAs with by qau19822

VIEWS: 0 PAGES: 1

									                                                                                    Schedule of Key Asset Management Provisions
                                                                                   (for PHAs with 250 or more public housing units)

Provision                                       Year 1                                                  Year 2                                                 Year 3                                                Year 4
                          •    July 1, 2007-June 30, 2008                          •    July 1, 2008-June 30, 2009                        •    July 1, 2009-June 30, 2010                       •    July 1, 2010-June 30, 2011
                          •    October 1, 2007-September 30, 2008                  •    October 1, 2008-September 30, 2009                •    October 1, 2009-September 30, 2010               •    October 1, 2010-September 30, 2011
                          •    January 1, 2008-December 31, 2008                   •    January 1, 2009-December 31, 2009                 •    January 1, 2010-December 31, 2010                •    January 1, 2011-December 31, 2011
1.    PHA Fiscal Year     •    April 1, 2008-March 31, 2009                        •    April 1, 2009-March 31, 2010                      •    April 1, 2010-March 31, 2011                     •    April 1, 2011-March 31, 2012
2.    Project Based       Required for this and all future fiscal years.
      Budgeting
3.    Project Based       Required for this and all future fiscal years (un-
      Accounting          audited financial statements to be submitted to
                          REAC within two months following close of fiscal
                          year, audited within nine months).
4.    Assignment of       Required by the end of this first year of project-
      Assets and          based budgeting/accounting.
      Liabilities
      between COCC
      and Projects
5.    Fungibility         •     Fungibility between projects. Full fungibility     •    Fungibility between projects. A project’s         •    Fungibility between projects. A project’s
      between Projects          this first year of project-based                        current assets must exceed current liabilities         current assets must exceed current liabilities
      and COCC                  budgeting/accounting.                                   to transfer cash to another project.                   by one month of operating expenses for this
                                                                                                                                               and future years to transfer cash to another
                                                                                                                                               project.

                                                                                   •    Fungibility between projects and COCC. No         •    Fungibility between projects and COCC. No
                          •     Fungibility between projects and COCC. Full             fungibility for this and future years.                 fungibility for this and future years.
                                fungibility for this first year of project-based
                                budgeting/accounting.                              Note: Excess cash formula based on prior un-           Note: Excess cash formula based on prior un-
                                                                                   audited FYE data, subject to adjustment based on       audited FYE data, subject to adjustment based on
                                                                                   subsequent audited financial data.                     subsequent audited financial data.
6.    Phase in for        No restriction on “reasonable” management fees           HUD will accept phase-in request, wherein:             Same as Year 2.                                       Fees should be reasonable.
      Compliance with     this first year of project-based
      Management Fees     budgeting/accounting.                                    1.     The PHA reasonably documents fees
                                                                                          needed to support current overhead costs,
                                                                                   2.     The PHA presents a schedule to achieve
                                                                                          reasonableness by 2011, and
                                                                                   3.     The request, including items 1 and 2, is
                                                                                          included with the PHA’s Annual Plan.
7.    FASS Scoring        PHA receives “transition” score under new PHAS           New PHAS scoring effective for this and future
      (PHAS)              scoring system for asset management.                     fiscal years.




8.    Capital Grant       Effective with FFY 2007 and future year Capital
      Management Fees     Fund grants. FFY 2006 and prior grants should
                          continue to charge actual costs.




9.    ESCO Reporting      ESCOs do not report at AMP level                         ESCOs report at AMP level for this and future
                                                                                   fiscal years.



10.   Central             PHA may charge using fee-for-service or actual           PHA must use fee-for-service for this and future
      Maintenance         costs (if higher).                                       fiscal years.

      Note: See special instructions at: http://www.hud.gov/utilities/intercept.cfm?/offices/pih/programs/ph/am/faq/earlyfeeforservice.pdf for PHAs that want to adopt fee-for-service earlier than required above.
      Prepared by Financial Management Division (FMD) REAC- PIH                                                                          7-26-07                                                Ref: PIH Notice 2007-9 (April 10, 2007)

								
To top